Analysis of Conflict and Solution between Information Disclosure and Commercial Secret Protection in Listed Companies

摘要

Considering the problem of information disclosure and commercial secret protection from the aspect of operation of modern market economy, essentially both have obvious conflict and contradiction no matter in theory or practice. From theory, what could reflect system's public law property is the three basic principles of fair, open and just information disclosure. However, this system is the core of Securities Act, with the final aim of fully maintaining investors' investment interests and meanwhile it needs to make sure the operation of stock market being more in order. However, commercial secret protection refers to fully protection to intracompany information with some economic value to make favorable economic and competition interests. Thus, its private law property is very obvious. The former is aimed at protecting investor interests while the latter protecting the company's own interests, where conflict inevitably exists. During practice process, in order to better protect investor interests, security supervisory authorities would ask listed companies to announce information to the greatest extent. However, once over announced, it would easily reveal business secret in company. In addition, if listed companies want to maintain self competitive advantages and get most interests all the time, there should not be willing to information disclosure, especially those information close to business secret. However, stock market is the information market in essence. Thus, if excessively attaching importance to business secret protection, it would have direct influence to information disclosure and bring serious injury to investor interests. Therefore, it is of great practical significance to further study the conflict and solution of information disclosure and commercial secret protection in listed companies.